American Century Companies Inc. Cuts Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

American Century Companies Inc. decreased its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 42.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,019,810 shares of the company’s stock after selling 762,737 shares during the quarter. American Century Companies Inc. owned 0.61% of Credo Technology Group worth $68,541,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CRDO. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. Geode Capital Management LLC grew its stake in Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Finally, Principal Financial Group Inc. raised its position in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,065,665 shares of company stock valued at $73,051,442. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Stock Down 2.7 %

NASDAQ:CRDO opened at $49.18 on Wednesday. The company has a market capitalization of $8.35 billion, a PE ratio of -327.87 and a beta of 2.16. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock’s 50 day moving average price is $62.64 and its 200 day moving average price is $53.56.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CRDO. Bank of America cut their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. TD Cowen boosted their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.